Contactless Economy – Are you prepared?

Contactless Economy – Are you prepared?

‘The Contactless Economy makes the COVID-19 crisis different from the previous crises. Every crisis in the past led to lower consumer spending that had a knock-on negative effect on the demand for products and services, and caused severe business and economic contraction. However, as the world grapples with the uncertainties of the crisis, experts are convinced at least on two things – this crisis in itself is unprecedented and that the next normal is being created.’

This is being driven by both supply-side (e.g. rise of the digital technologies such as 5G, cloud platforms, AI & Data analytics) and demand-side factors (e.g. need for convenience, heightened awareness for health and safety). Some of these existed previously but were accelerated due to the crisis.’

‘The contactless economy is on its way pushing emerging customer segments into the mainstream. To make the most of this or to prevent from getting disrupted, an organisation:

1) needs to critically assess how its customers’ needs and behaviours are evolving within the contactless economy

2) determine how many of these segments it should target

3) develop new value propositions for the customer segments
4) unpack the new capabilities that the business needs to have to deliver on the value proposition, and;

5) decide its capability development model with a focus on leveraging its partnership ecosystems to ensure flexibility given the uncertainties ahead.’

To access the complete report from Deloitte: sea-cons-contactless-economy